Texas feeder cattle
auctions reported prices steady to $10 lower. May Feeder cattle futures were $2.13 lower, to close at $142.37 per
hundredweight (cwt). The Texas fed
cattle cash was inactive today. June Fed
cattle futures were 28 cents lower, closing at $123.92 per cwt. Wholesale boxed beef values were
higher, with Choice grade gaining $4.70 to close at $126.86 per cwt and Select
grade gaining $3.63 to close at $226.66 per cwt. Estimated cattle harvest for the week totaled 461,000 up 9,000 from
last week’s total and 13,000 from a year ago. Year-to-date harvest is up 2.9%.

Cotton prices were higher
with cash prices gaining 3.00 cents to close at 75.75 cents per pound and July
futures gaining 2.69 cents to close at 79.18cents per pound.

Corn prices were mixed
with cash prices gaining a penny to close at $3.68 per bushel and may futures
gaining 4 cents to close at $3.61 per bushel.Grain Sorghum cash prices were 4 cents higher, to close at $5.43 per cwt.

Wheat prices were higher
with cash and May futures both gaining 2 cents to close at $3.72 per bushel and
$4.30 per bushel, respectively.

Milk prices were higher
with May Class III milk futures gaining 6 cents to close at $15.61 per cwt.

Stock markets closed
higher today, pushed down by disappointing earnings reports from consumer
staple companies. June Crude oil
futures were 50 cents higher, closing at $47.83 per barrel. Crude oil prices rebounded
from recent declines after the collective thinking about OPEC’s production
cutting measures has reversed and investors are beginning to think that the
cuts will have a positive effect and in turn stabilize prices globally.

This week’s U.S. Drought Monitor for Texas showed a
slight improvement in drought conditions for the state, with 21.14 percent of
Texas still in some stage of drought intensity, up 12.52 percentage points from last week.
Additionally, none of the state remains in severe, extreme, or exceptional
drought. On the national level, drought conditions
worsened slightly, with 15.11 percent of the U.S. experiencing abnormal dryness
or some degree of drought, up 0.80 percentage points from last week.